x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   MJ Akbar files criminal defamation case against woman who accused him of sexual harassment | Air India crew member falls off aircraft in Mumbai | Three drug peddlers held in Jammu | 55-Year-Old Man Dies After He Falls From Hillock In Reasi | Chinese soldiers cross LAC into Arunachal Pradesh, retreat after Indian Army intervenes | Militants decamp with weapons in J&K’s Budgam district | 18 Afghan soldiers killed in Taliban attacks on military checkpoints | #MeToo: MJ Akbar won't be asked to quit, say sources; Congress questions PM Modi's silence | PM Narendra Modi to meet CEOs of global oil companies as fuel prices continue to rise | ULB elections:Top BJP leaders under scanner for swindling funds | Natrang stages Dogri play 'Bawa Jitto' | Digital J&K still a distant dream | RMSA's partners violates contract's conditions | Kashmiri students preaching sedition, separatism have to face law | During Navratra, Jawans deployed outside slaughter house in Kashmir | Jammu, Ladakh reject separatist politics outright | Omar questioning PM intriguing | PWD (R&B) Department sits on appointment of Chief Engineers | Militants want Youth to pick up gun not pen! | Newly elected MC members face 'life threat' in Valley | Bhandara organized | Gujjar leader seeks inclusion of Gojri in 8th schedule | Two journalists selected for awards | Mehfil-e-Mushaira organized | Debate on 'Pathways to Sustainable Growth and Development 'organised | Administration discussed welfare of Kashmiri students in AMU with UP govt | Rape accused held in Reasi | Niti Aayog hails progress made by Baramulla, Kupwara | BJP's brand of Pseudo secularism | Recognising invisible partners: Women farmer day | Killing terrorism without killing terrorists not possible | Samaya by Payal Saraf opened in Jammu | More efforts needed to link education with employment: Ganai | Vyas for augmenting Orthopedic, Neurosurgical facilities at Superspeciality Hospital | Guv calls to engage youth effectively | DGP directs officers to deal with mischievous elements strictly | NHPC Inter Regional Cricket Tournament Concludes | GMS, Kharoti holds fancy dress competition | Anuj beat Salil in Men's single final | Jammu mountaineer selected by IMF | SMVDU researchers felicitated with 'Atal Vani Puraskar' | Tiny Tots of army pre primary school assert 'world is one family' | Mulkh Raj Ashok Kumar starts Jewellery Festivals offer | LNM Trust holds Bhajan Contest in Navratra Festival | Athrot launches Kashir Kalakaar season-3 | Jodhamal youth conclave kickstarts with full vigour | JBFDC constitutes new team | Sr Citizens Forum congratulates polytechnic college principal | Harmony India release 'Soz-e-Dil' Kashmiri music album | Farmers training camp organized | Adbi Kunj holds literary meet | 'Prabhat Pheri' taken out on 5th day of Navratra Festival | JKSSM seeks improvement in education system | NMC seeks release of salary during festival season | J&K Accounts employees Association elects district body | Police, Revenue officials assisting mitti mafia | Annual Charri yatra arrangements discussed | APs thrashed for intercepting stalkers at GDC Kathua | Sahib Bandgi head delivers religious sermons | Govt fails to retrieve Wakaf land in Jammu | Maternity Home Sanat Nagar, a baby without real father | Happy Model shines in postal department competition | Samsung shop opens at Bari Brahmana | DFO recommends action against I/C Ranger for damaging forest | Illegal extraction of sand goes unabated in Ganderbal district | ACD Rajouri suspends 2 VLWs for not releasing payment | MES Builders Association lament over non-payment of dues | Dogra Front protest against bad roads | JKFFA elects new state body | Rape accused turned absconder arrested | Privatization of power comes under fire as Engineers; Employees term it as anti-people, anti-employee | Fake Indian Territorial Army recruitment racket busted, mastermind arrested | Pakistani troops violate ceasefire | Teenager killed in snow storm | KPC hails Indian leadership for attaining top position in UNHRC | Five booked under PSA | SMVDSB approves Group Mediclaim Insurance Policy for employees | 13 kms of Kishtwar-Sinthan road blacktopped after 34 years | Transformer puts human lives to risk | JKNPP demands immediate deportation of Rohingyas B'deshis’ from Jammu | Locals, students demand repair of Kund Rassain school building | Release salary as per 7th pay commission or face agitation: ReT Forum | Two smugglers held, 19 bovines rescued | Police recover missing girl within 24 Hours | Discrimination with general category people alleged | Aapka Dawa Bazar opens second outlet in Jammu | Students protest non-availability of teachers | Sat tours Shakti Nagar with PWD officials | Anjuman Imamia condemns abrogation of Sec 377 | JKIM holds convention, highlights people's woes | Back Issues  
 
news details
India's largest law firm had details of Nirav Modi's dealings with PNB, under scrutiny
9/19/2018 8:42:03 AM

India's largest law firm, Cyril Amarchand Mangaldas (CAM), is being scrutinized by federal agents after they seized documents related to the $2 billion fraud at state-run Punjab National Bank from CAM’s premises in February, a lawyer representing the government and a police source told Reuters.

In what has been dubbed as India's biggest bank fraud, PNB in January alleged that billionaire diamond jeweller Nirav Modi and his uncle had for years fraudulently raised billions of dollars in foreign credit by conspiring with staff at the bank.

In mid-February, Modi's aides packed cartons of documents at one of his diamond firm’s offices in Mumbai and sent them to CAM’s office nearby, from where police seized them within a week on Feb. 21, a review of the Central Bureau of Investigation's (CBI) court filings and witness testimonies showed.
K Raghavacharyulu, a prosecution lawyer in the Modi case, and two CBI sources who declined to be named, said CAM possessed documents detailing Modi's dealings with PNB, even though the firm wasn’t representing the diamond magnate or his companies.

"CAM was not their attorney in the PNB fraud case, 100 percent sure ... that’s why they could not cite attorney-client privilege," Raghavacharyulu said, adding that his assessment was based on regular briefings he received from CBI investigating officers.

CAM declined to comment on its relationship with Modi, who is on the run overseas. Its spokeswoman, Madhumita Paul, said the firm "strictly follows the legal best practices and does not comment on matters that are sub-judice or are under investigation”.

In CBI’s first charge sheet in May in the fraud case against Modi and others, the agency said that “incriminating documents/articles relevant to the case” were concealed in the office of CAM. No charges were brought against the law firm and it was not named as a witness in the case.

Since then, Raghavacharyulu said, police have not interviewed any CAM official in the case, though one CBI source said that before filing the first charge sheet, police summoned, questioned and recorded the statement of at least one junior CAM lawyer.

That statement has still not been produced in court because the agency is deliberating whether to charge the law firm for concealment of evidence or name it as a prosecution witness to testify against Modi, the source said.

Raghavacharyulu said it is possible the police could bring charges against CAM for helping conceal documents. “Who told you we are not going to charge them?” he said. “The possibility of naming CAM in the next Nirav Modi case charge sheet has not been ruled out."

CAM declined to comment on the possibility of being charged or being named as a witness, and said the Reuters findings were “full of false and speculative statements”. It did not elaborate.

The firm didn’t comment on why it possessed the documents seized by the CBI.

CBI’s spokesman, Abhishek Dayal, declined to comment for this article, saying the PNB fraud case was under investigation and it will not be appropriate to say anything at this stage.

The CBI first learnt of CAM’s possession of the documents when it questioned Modi's office staff, the police source said. The documents were moved in a mini-truck in 50-60 cartons to the law firm, according to two witness testimonies seen by Reuters.

On the afternoon of Feb. 20, CBI officers went to CAM’s office with a legal search authorization and the documents were found in a meeting room, according to a previously unreported 10-page CBI "search list" seen by Reuters.

The CBI search – which involved eight federal police officers – included locking and sealing the meeting room overnight as the search dragged on over two days. On the night of Feb. 21, CBI officers left with 24,625 pages of documents, which included copies of financial statements of Modi’s firms and details of interbank fund transfers, according to the search list.

CAM has more than 600 lawyers. It has advised companies such as Alphabet Inc's Google, Microsoft, Standard Chartered and India's ICICI Bank , according to research firm The Legal 500. It also advises Thomson Reuters, which owns Reuters, the company’s news division.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU